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#650257 - 12/11/06 06:42 PM Re: Mortgage and Foreclosure Rights Notice upstateNY
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Originally Posted By: upstateNY
Originally Posted By: Andy Z
Back to my post of 11-17, how is this different than the notice being sent now? The law seemed to track back to that.


Andy, it appears that the required notice (Attachment 1)would need to be sent. In addition, the toll free number is different. Other than that, the basic requirements seem to be the same.

The problem is that we will go from being able to provide the simple HUD statement and toll free number, to the lengthy notice of rights.

But, perhaps I'm simplifying this too much.

that's what i draw from this as well. i drafted a combined "regular" notice/SCRA notice which is 95% SCRA going by letters used in the document.

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#652027 - 12/14/06 03:11 PM Re: Mortgage and Foreclosure Rights Notice upstateNY
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My take is this: It applies to any mortgage that might have rights under the SCRA. To be safe, you would likely need to send both the HUD counseling letter AND this letter stating service members rights and their exclusive 800 number when a loan is in default...maximum delay 44 days.

This can't take place of the regular HUD letter, as non-service members would not be able to use the number or the information/rights contained in this SCRA-specific letter.
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#652109 - 12/14/06 04:24 PM Re: Mortgage and Foreclosure Rights Notice RR Joker
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anyone have the link to HUD couselling letter and number?

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#652141 - 12/14/06 05:04 PM Re: Mortgage and Foreclosure Rights Notice kira
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#652144 - 12/14/06 05:09 PM Re: Mortgage and Foreclosure Rights Notice Reads Regs
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Just saw this thread....

I called HUD as well since their letter was a little, um, vauge. They said it should be sent to all mortgage loan customers in conjunction with the current notice, not just customers that have invoked their rights under SCRA. Also, he stated that it would go to all loans secured with a primary dwelling, regardless of lien position.

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#653663 - 12/18/06 05:53 PM Re: Mortgage and Foreclosure Rights Notice Bullseye
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So I'm assuming (!?!?) that I could logically make a copy of Attachment 1 of HUD's Mortgage letter 2006-28 and send it with my past due letters as a second page?

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#653728 - 12/18/06 07:02 PM Re: Mortgage and Foreclosure Rights Notice 4newt
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yes, but be sure to include the bank's name, address, and contact information under the heading How Does a Servicemember or Dependent Request Relief under the SCRA?

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#654099 - 12/19/06 04:07 PM Re: Mortgage and Foreclosure Rights Notice Gotwood
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Good Point!~!

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#663595 - 01/09/07 08:42 PM Re: Mortgage and Foreclosure Rights Notice upstateNY
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Does this new notice replace the HUD Homeownership Counseling notice or is it sent in addition to the other notice?

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#663730 - 01/09/07 11:01 PM Re: Mortgage and Foreclosure Rights Notice Bullseye
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I have looked at the Attachment 1 Page 6; does this mean you need to include that entire page? Or just a portion of that page?

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#665034 - 01/11/07 07:51 PM Re: Mortgage and Foreclosure Rights Notice Snowgirl
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under the letter issued it includes --
All mortgages loans, including conventional mortgages and mortgages insured by HUD are subject to the notification requirement....

does this mean this notification could also required on business loans?

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#665052 - 01/11/07 08:10 PM Re: Mortgage and Foreclosure Rights Notice Obi
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Originally Posted By: Obi
Does this new notice replace the HUD Homeownership Counseling notice or is it sent in addition to the other notice?


In addition to the homeownership counseling notice.
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#665057 - 01/11/07 08:13 PM Re: Mortgage and Foreclosure Rights Notice Snowgirl
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Originally Posted By: Snowgirl
I have looked at the Attachment 1 Page 6; does this mean you need to include that entire page? Or just a portion of that page?


The entire page. Don't forget to complete the section ": Lender should place its name, address and contact information here)."
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#665068 - 01/11/07 08:21 PM Re: Mortgage and Foreclosure Rights Notice JohnDoe
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Originally Posted By: JohnDoe
under the letter issued it includes --
All mortgages loans, including conventional mortgages and mortgages insured by HUD are subject to the notification requirement....

does this mean this notification could also required on business loans?


Note the following section of the notice (emphases mine):

What Legal Protections Are Servicemembers Entitled To Under the SCRA?

• The SCRA states that, a debt incurred by a servicemember, or servicemember and spouse jointly, prior to entering military service shall not bear interest at a rate above 6 percent during the period of military service.
• The SCRA states that, in a legal action to enforce a debt against real estate that is filed during, or within 90 days after the servicemember’s military service, a court may stop the proceedings for a period of time, or adjust the debt. In addition, the sale, foreclosure, or seizure of real estate shall not be valid if it occurs during, or within 90 days after the servicemember’s military service unless the creditor has obtained a court order approving the sale, foreclosure, or seizure of the real estate.
The SCRA contains many other protections besides those applicable to home loans.


It appears to me that any real estate secured loan might very well fall under this notification requirement.
Last edited by Steve Hoogerhyde; 01/11/07 08:25 PM.
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#668568 - 01/19/07 03:03 PM Re: Mortgage and Foreclosure Rights Notice upstateNY
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Are both of these notices just related to primary dwelling loans, or any loan that is secured by a 1-4 family dwelling?

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#668718 - 01/19/07 04:37 PM Re: Mortgage and Foreclosure Rights Notice notuntermywatch
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Any loan secured by 1-4 family dwelling.
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#680534 - 02/06/07 03:24 PM Re: Mortgage and Foreclosure Rights Notice Sinatra Fan
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This is already effective, correct? I have a whole folder of info printed on this and can't seem to put my finger on the effective date.

Thanks!

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#680672 - 02/06/07 04:31 PM Re: Mortgage and Foreclosure Rights Notice pfh
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Correct.
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#680688 - 02/06/07 04:38 PM Re: Mortgage and Foreclosure Rights Notice Sinatra Fan
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Thanks! I guess I better get this notice implemented.

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#684836 - 02/10/07 08:36 PM Re: Mortgage and Foreclosure Rights Notice pfh
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FYI HUD has this out for comment with comments due by 04-03-07, Docket No. FR-5121-N-06. FR 02-02-07, Vol 72, No. 22, Pg 5071) I was confused when reading it about what it was for, and the response was that we could comment on any facet of the requirement.

Personally, so long as there wouldn't be an over-disclosure issue I'd like to see the notices combined so one could be sent meeting all the requirements. That may be worth mentioning.
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#700377 - 03/13/07 02:59 PM Re: Mortgage and Foreclosure Rights Notice Andy_Z
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Would this apply to Agriculture loans? We have a lot of farmers where we take the whole farm as collateral including the dwelling. Thanks for any guidance!

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#712323 - 04/05/07 09:59 PM Re: Mortgage and Foreclosure Rights Notice Snowgirl
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Since a farmer can be protected when called up/enlisted, sure.
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#716842 - 04/16/07 05:16 PM Re: Mortgage and Foreclosure Rights Notice Andy_Z
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The loan type we use for commercial loans secured by 1-4 family is not broken out by owner occupied or rental property. Our software company will generate the letter based only on loan types. How is everyone else handling this?

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#723027 - 04/27/07 01:27 PM Re: Mortgage and Foreclosure Rights Notice KimC
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Our software is the same. We can only generate notices by loan type. We have not established different loan types for owner-occupied vs rentals. Titled mobile homes are another concern. We set up one loan type for all title secured loans -- vehicle, boats, RVs, mobile homes.

I'm also interested in how other banks are handling.

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#731069 - 05/14/07 02:08 PM Re: Mortgage and Foreclosure Rights Notice vlg
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Same here, please help.
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